The revised text of the Insurance Distribution Directive (IDD) was published in July, following agreement by the EU institutions under the "trilogue" process. The IDD will replace the current Insurance Mediation Directive (IMD), which lays down the regulatory framework for the distribution of insurance products within and across Member States.
Agreement of the latest text of the IDD, formerly known as IMD2, means that it is now possible to assess the changes with greater certainty - further changes can be expected to be minor or technical in nature. Previously the European Parliament, the Council of the European Union and the European Commission have disagreed as to what would be included in IMD2/IDD.
Adoption of the IDD is likely to take place later this year, with member states having two years to implement the Directive into national law. This would mean changes taking effect in the domestic laws of Member States by the second half of 2017.
Our briefing flags ten key topics covered by the IDD, with observations on the proposals from a UK perspective.
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